March British Pound – The two reversal dates—January 25 and January 31—provided support for the quick rally into the ascending median line target objective. The pound tested the median line, as well as the prior swing high at 1.6229, posted on November 4, 2010) before turning lower and trading lower into the minor reversal date projected for Tuesday, February 8th. The market is approaching the end of the reaction cycle, but could have one more push higher into the major reversal date due on February 14. A new high before or on the February 14th reversal date could set up a significant selling opportunity. I will keep you updated with any new developments in the next issues of the Traders Market Views Swing Trading report.
